UK ad spend will grow by 3.6% in 2023, with digital channels taking almost three quarters of investment.
That is according to media agency group Dentsu's latest Global Ad Spend Forecasts.
Although digital will take 73% of UK spend, the forecast now imagines spend on TV and radio growing fastest.
Dentsu's 2023 growth forecast is revised-down from the 5.9% growth forecast it issued in July 2022, after 2022 turned down.
But the group sees reason for optimism, citing three reasons:
1. Media thrive in a downturn
"Economic downturns are times of great innovation, especially in media. Previous downturns have greatly accelerated the adoption of Radio, TV and Social Media and this is likely to also drive media use."
2. Brands can grow in the dip
"Brands who weather downturns best are the ones who keep advertising, growing their market share at the expense of more cautious rivals."
3. Price competition is good
"Competition for media inventory may reduce prices and allow smart brands to get very good value from their partners."